00

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MCI.EuroVentures

MCI.EuroVentures – the history likes to repeat itself

ATM, Dotpay, eCard, Lifebrain – investments with a strong potential and high probability of recurrence of historical returns

the historical track record is a return of 2.5x – 4.0x CoC, on average over 4 years => >25% IRR

Invested PLN 270m

Valuation + div + exits more than PLN 700m

CoC 2.5-4x

s

Average period 4.3 years

Invested PLN 330m

the fund’s current structure is a nearly 40 % share of investments valued at cost (ATM – current rate slightly above the buy rate)

3-5 years

[NAZWA KATEGORII]:

PLN 406m [PROCENTOWE]

[NAZWA KATEGORII]: PLN

224m [PROCENTOWE]

Portfolio structure of MCI.EuroVentures 1.0 by valuation method

the fund’s portfolio structure broken down by individual valuation

methods

Inwestycja (000 PLN)Posiadany %

kapitału

Skumulowana

wartość nabycia Dywidenda

Częściowe

wyjście Metoda wyceny

ABC Data 60,72% 119 807 116 938 34 962 146 797

Indeks 26,08% 95 994 23 325 0 143 506

ATM 30,46% 109 348 0 0 115 686

Mobiltek 100,00% 116 781 0 0 116 226

eCard S.A. 51,00% 18 918 0 0 18 273

Lifebrain AG 11,10% 87 071 0 0 89 505

SUMA 547 919 140 263 34 962 629 993

Wycena na

4Q2016

Środków

zainwestowanych

(z uwzględnieniem

aktualnego kursu waluty)

Ceny rynkowej

Investment (PLN 000) Holding (%) Cumulated

purchase price Dividend Partial exit

Valuation as at Q42016

Valuation method

TOTAL

Market price

Funds invested (taking into account

the current FX rate)

Funds invested:

Market price:

INDEX GROUP mobile / broadline distributor of IT equipment and services

HIGHLIGHTS

37%

3 %

51 %

9%

SHARE PRICE CHART

in 2017, revenue is expected to grow by more than 20% YoY, with EBITDa growing to more than TRY 110m (vs. EBITDa of TRY 95m in 2016) • the attractive dividend policy is expected to be maintained

in the following years with approx. 75% dividend payout ratio (vs. 60%-80% in 2013-15) and approx. 50% from the property project,

• Artim subsidiary (value added services): contract signed with Sun Oracle to distribute solutions in Central Asia,

• Settlement of a real property project by the end of 2017 – cumulated income of approx. USD 76m in total allocated to Index, approx. TRY 90-100m from the project expected as a dividend in 2018.

Macro perspective: • Referendum to take place in April 2017 re changes

in the constitution (transition from a parliamentary to presidential system),

• GDP growth: +2.5%, Inflation (CPI): +9%

Long-term objective: • Make it to the top 5 technology/IT product distributors in Europe

by 2023 Reaching TRY 9.5bn in revenue in 2019. Valuation: Current stock market price: TRY 9.4 per share (MCap @ approx. TRY 525m) Analytical reports – target price: • Garanti (10 March ‘17): TRY 11/share, • Is Investment (4 November ’16): TRY 12/share.

2,5

3

3,5

4

4,5

5

5,5

6

6,5

7

7,5

8

8,5

9

Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16

M TRY 2013FY 2014FY 2015FY 2016FY

Przychody 1615 2206 3385 3793

EBITDA 42 61 93 95

Dług netto (bi lansowy) -33 22 186 -53

Dług netto (bi lansowy), bez AVEA loan -46 -75 -78 -130

AVEA loan - dług bi lansowy Datagate, spłata de facto dokonywana i gwarantowana

przez AVEA (spółka kontrolowana przez Turk Telecom)

Date of purchase of shares: from 2013 to 2016 (including buybacks of shares from the stock market) % share (31.12): 26.1% Change in the value of MCI’s holding approx. +43% (without dividend) (from entry to 31.12) (approx. 1.7x CoC, including div.) Managing Partner Tomasz Czechowicz

Investment value (H2’16) – PLN 143m;

Share in the fund (H2’16) – 16.3%

TRYm

Revenue

EBITDA

Net debt (balance sheet)

Net debt (balance sheet), excl. AVEa loan

AVEa loan – Datagate balance sheet debt, in fact repaid and guaranteed by AVEa (a company controlled by Turk Telecom)

Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16

MCI.EV in INDEX Group

Lifebrain – consolidation of the medical diagnostics market

HIGHLIGHTS

37%

3%

51%

9%

VALUATION of SHARES (at cost of purchase/exchange rate differences)

Model:

• Consolidation of the medical services market through process

centralisation and implementation of new logistics and IT services and solutions,

• Medical diagnostics as the basis for more than 70% of all medical decisions,

• the market is growing in Europe at a steady rate of 2-4% YoY, it is very fragmented (10 largest laboratory groups have a 16% market share) and worth ~EUR 26bn.

Key developments: • Selling CH for 11x EV/EBITDA, • EUR 90m lending secured to finalise acquisitions, • By December ’16: 163 locations across 11 Italian regions.

Plans: • Continue acquisitions in 2017; • Exit 2018 – strateg (Synlab, Unilab, Sonic), private equity funds Synlab is

the most probable, as the second operator in Europe after Sonic. According to Synlab’s CEO, Europe can accommodate two players with EUR 2-3bn sales.

Investment date: June 2015 (EUR 10m) 2nd tranche: January 2016 (EUR 10m) Holding: 16.48% Other shareholders: • Founders of FutureLAB Group (M. Havel), • BIP Investment Partners (family-backed PE), • Madaus Capital Partners.

Managing Partner: Krzysztof Konopiński

Investment value (2016YE) – PLN 88m; Share in the fund (H1’16) – 11 %

MCI.EV in Lifebrain

87 88 89 88 0

10

20

30

40

50

60

70

80

90

100

2Q15 4Q15 2Q16 4Q16

Cost synergies (direct and OPEX)

Reorganisation, including centralisation

of research

Small and medium-sized entities

2-3 years

Consolidated entity

Investment Exit

Data in PLNm

Q2’15 Q4’15 Q2’16 Q4’16

Competitive Landscape in Italy by Revenues (in EURm)*

Number of locations*

Investment date:

Dotpay/eCard – Polish fintech leader

HIGHLIGHTS 2016

37%

3%

51%

9%

VALUATION of SHARES [PLNm]

MCI.EV in Dotpay/eCard

Business development: • the payment market is strictly correlated with the e-commerce

market, which is growing at 15% YoY (companies are growing faster than the market);

• Total TTV = PLN 5.2bn – 32% growth YoY; • TTV Dotpay 2016 = PLN 2.5 bn – 39 % growth YoY, • TTV eCard 2016 = PLN 2.7 bn – 23 % growth YoY,

• 10% increase in total EBITDa despite the charge on PMI; • the project of equipping InPost couriers with 2.5k mPOSs

in cooperation with MasterCard. PMI: • Harmonisation of the organisational structure and internal

processes – Dotpay/eCard as one organisation, • Renegotiation of PBL (pay-by-link) rates with banks and the cost

of payment cards processing, • Focus on business development and sales, • the plan for 2017 is to double EBITDa vs. 2015. Personal: • Sylwia Bilska (ex. General Manager Poland PayU), appointed

to the Supervisory Board of Dotpay. Actively supports the company in developing the sales strategy and acquiring new business.

eCard S.A. CTM Mobiltek S.A. (Dotpay)

51% MCI.EV 49% TUW SKOK

100% MCI.EV Share:

Investment value:

19.02.2016

PLN 18.3m

10.03.2016

PLN 116.2m

Investment value (Q4’16) – PLN 134.5m; Share in the fund (H1’16) – 19%

8,017569543

7,722242973

8,14159844

9,2

134,499235 134,499235 134,499235 134,499235

Q1'2016 Q2'2016 Q3'2016 Q4'2016

1) Normalised by non-recurring PMI costs of PLN 0.3m.

Managing Partner: Łukasz Wierdak

Q1'2016 Q2'2016 Q3'2016 Q4'2016

Valuation Dotpay + eCard EBITDa LTM

ATM – leader of the Polish data centre market

HIGHLIGHTS

37%

3%

51%

9%

SHARE PRICE CHART (PLN)

MCI.EV in ATM

Investment date: Q1/Q2 2016 shareholding %: 30.5% Other investors: T. Czichon (25%), OFE Nationale-Nederlanden (20%)

Investment value (Q4 2016) – PLN 115.7m Share in the fund (Q4’16) – 13.1%

Managing Partner Maciej Kowalski

Model:

• the company is a leader in colocation, hosting and broadband data transmission services, offering cloud computing and internet access services as well as other advanced value-added telecommunications services under the Atman brand. After investments carried out in 2015, the Company now has almost 8,000 sq. m of net colocation space with an occupancy rate of approx. 50%. Additionally, the colocation space can be relatively quickly expanded by further 1,500 sq. m of net space owing to the extension of a data centre on ul. Konstruktorska in Warsaw.

Key developments in Q4 2016:

• 11.2016 MCI accepts an irrevocable offer of an investment agreement with Tadeusz Czichon .

Recent developments:

• 03.2017 Linx Telecommunications Holding B.V. adopted a resolution on an interim dividend payout: EUR 0.40 EUR per share, EUR 5.2m in total. the dividend is connected with finalisation by Linx of a sale of its telecoms business;

• 03.2017 Services started in the carrier neutral model at the Atman data centre Warsaw -1 on ul. Grochowska;

• 03.2017 Launch of a new online sales platform.

Making a tender offer for 33% of shares

Making a tender offer for 66% of shares

ABC Data – CEE’s leading IT hardware distributor

HIGHLIGHTS

37%

3%

51%

9%

SHARE PRICE CHART (PLN)

MCI.EV in ABC DATA

Investment date: Q3 2007 Shareholding %: 60.7% Other investors: OFE PZU Złota Jesień (8%), OFE Aviva BZ WBK (5%)

Investment value (Q4 2016) – PLN 146.8m Share in the fund (Q4’16) – 16.7 %

Managing Partner Maciej Kowalski

Model:

• the ABC Data Group is a leading distributor of computer hardware and software with presence in Central and Eastern Europe and direct operations in Poland, the Czech Republic, Slovakia, Lithuania, Latvia, Estonia, Hungary and Romania.

Key developments in Q4 2016:

• 11.2016 Take-over of control over S4E,

• 11.2016 Company announces that Xiaomi plans to achieve 8-10% share in the smartphones market in Poland,

• 12.2016 Positive outcome of the Vat proceedings.

Recent developments:

• 02.2017 Start of strategic options review,

• 03.2017 Announcement of 2016 results: Revenue PLN 4.9bn, EBITDa PLN 40.4m, net profit PLN 17.2m,

• 03.2017 Management Board’s recommendation to pay no dividend and to use PLN 5m for buy-back transactions,

• 03.2017 Purchase of the Company’s shares by the CEO and Vice President of the Supervisory Board.

Plans:

• Development of value-added distribution based on S4E,

• Streamlining of operations,

• Future development of the Company in the CEE region,

• Development of electronic channels.

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MCI.TechVentures – European growth companies, candidates for local and regional champions

Asset value: more than PLN 1 billion

Companies that are established leaders

in the CEE region

Companies aspiring to become leaders

in the CE and WE markets

Leaders in national markets in selected digital areas

Valuation of investments in the portfolio of MCI.TechVentures 1.0 representing at least 2% of asset value

Inwestycja (000 PLN)Posiadany %

kapitału

Skumulowana

wartość nabycia Dywidenda

Częściowe

wyjście Metoda wyceny

windeln.de AG 15,55% -49 075 0 32 850 54 321 Ceny rynkowej

GT Gettaxi Limited 2,87% -71 974 0 0 135 000

Azimo Limited 8,65% -22 769 0 0 25 052

Ganymede Group Sp. z o.o. 38,47% -25 000 0 0 24 839

Travelata 44,62% -19 485 0 0 20 139

UAB Pigu 51,00% -46 038 0 0 99 415

Morele.net Sp. z o.o. 52,45% -17 516 0 0 75 833

Answear.com 30,76% -31 936 0 0 48 374

NaviExpert Sp. z o.o. 95,72% -1 801 0 0 29 377

Frisco S.A. 49,76% -28 627 0 0 57 023

Blacksquare Investments Limited 13,73% -81 460 0 0 87 630

Tatilbudur 61,75% -45 938 0 0 55 956

asgoodasnew electronics GmbH 18,40% -15 368 0 0 21 827

iZettle AB 1,49% -28 922 0 0 30 268

Marketinvoice Limited 13,15% -31 570 0 0 30 867

Pozostałe inwestycje -39 074 0 5 074 12 044

SUMA -556 554 0 37 924 807 965

Porównawcza

środków zainwestowanych

(z uwzględnieniem aktualnego

kursu waluty)

Wycena na

4Q2016

Ostatniej transakcji

porównywalnej

Investment (PLN 000) Holding (%) Cumulated purchase price

Dividend Partial exit Valuation as at Q42016

Valuation method

Market price

Last comparative transaction

Comparative

funds invested (taking into account the current

FX rate)

TOTAL

Other investments

Portfolio structure of MCI.TechVentures 1.0 by valuation method

[NAZWA KATEGORII]: PLN 56.3m

[PROCENTOWE] [NAZWA

KATEGORII] PLN 160.1m

[PROCENTOWE]

[NAZWA KATEGORII]: PLN 504.6m

[PROCENTOWE]

[NAZWA KATEGORII]:

PLN 4.1m [PROCENTOWE]

[NAZWA KATEGORII]: PLN 83.0m

[PROCENTOWE]

The fund’s portfolio structure broken down by individual valuation methods

Market price:

Comparative:

Adjusted net assets:

Last comparative transaction:

XX Summary of the MCI.TechVentures portfolio

Business Building value

Companies that are established leaders in the CEE region

Benchmark Actions Expected return

E-commerce – online store with groceries and household chemicals

_Amazon Fresh

_ Fresh Direct

_ Ocado

_ Increased penetration in Warsaw

_ Customised shopping

_ Development of mobile and B2B

_ New (much bigger) warehouse

_ CoC 5-10x

Tour Operator in Turkey, selling stays at hotels/resorts, focused on the Turkish market (online+offline)

_ Itaka/Rainbow

_ ETS/JollyTour (Turkey)

_ Experienced management personnel

_ Improvement of technology (front-end, mobile, ERP)

_ Marketing effectiveness and brand improvement

_ CoC 3-5x

Online Travel Agent in Russia selling holiday packages, focused on the Russian market

_ Invia

_ Travelplanet

_ Wakacje.pl

_ New delivery channels (affiliates, POS)

_ Automated lead and transaction handling

_ Development of hotels and dynamic packaging

_ Further improvement of technology (mobile, ERP)

_ Fundraising: marketing development and expansion

_ CoC 3-5x

multichannel (online & offline): off-price fashion retailer

_ Online Vipshop, Yoox Net-a-Porter, Vente-Privee, Privalia

_ Offline: Famila, TJ Maxx, Ross, Burlington

_ transition from the pure flash sales model to the traditional off-price retailer

_ development of the offline concept to increase business scale

_ strengthening the international scoring and direct relationships with fashion brands

_ fast moving product range/attractive and fresh offer

_ CoC 2-3x

Managing Partner

Tomasz Danis

Tomasz Danis

Tomasz Czechowicz

Tomasz Czechowicz

XX Summary of the MCI.TechVentures portfolio

Business Building value

Companies that are established leaders in the CEE region

E-commerce leader in the Baltic states

_ Qliro

_ JD.com

_ Amazon

_ Merger with z Morele.net

_ Optimisation of processes

_ Optimisation of cash flow

E-commerce of electronic products

_ Verkokauppa

_ Komplett

_ Machine learning e-commerce

_ Increasing brand recognition

_ Increasing the business scale

_ Introducing a multi-sector approach

_ CoC 5-10x

Multi-brand e-fashion store operating in the CEE region, introducing its own fashion brands

_ Asos

_ Zalando

_ Yoox

_ Business increase in PL

_ Foreign expansion in the CEE region (CZ, SK, UA, RO, HU)

_ Increasing the share of own brands

_ CoC 3-5x

_ CoC 3-5x

Sylwester Janik

Maciej Kowalski

Maciej Kowalski

Benchmark Actions Expected return Managing Partner

XX Summary of the MCI.TechVentures portfolio

Business Building value

Companies aspiring to become leaders in the CE and WE markets

Online Taxi – present in four countries (UK, Russia, Israel and USA) – cooperation with licensed cabs; an important b2b arm

_ Uber

_ Hailo

_ Lyft

_ Ensuring continuity of funding (Sberbank and continuation with Volkswagen)

_ Expansion into new markets (France/Spain)

_ Possible M&a (Yandex, Taxify)

_ Economies of scale – improvement effectiveness (No. 1 in UK, Russia and Israel)

_ CoC 3-5x

E-commerce involving baby and maternity products

_ Zooplus.de, Zalando.de, Amazon, Yoox Net-a-Porter, ASOS

_ focus on optimisation of costs and achievement of profitability (the STAR project): relocation of the central warehouse, centralisation of procurement processes, integration of Feedo and Bebitus, private label, process automation

_ revenue increase of 15-20% YoY. Increasing the share of sales beyond the DACH region. Opportunistic growth in China

_ CoC 3-5x

Fintech (remittance): international online funds transfers via a mobile application, covering 190 countries and 80 currencies

_ TransferWise

_ Remitly

_ WorldRemit

_ Launching a new payment & settlement product for the existing customer base

_ Entering new markets (CHF, NOR, SEK)

_ Steady growth in business scale in the present markets

_ CoC 3-5x

Fintech (mPOS): Mobile payment acceptance market leader in Europe and Latin America focusing on small and medium-sized companies

_ Square _ Development of new credit products (iZettle Advance)

_ Entering new markets

_ M&A/sector consolidation

_ CoC 2-3x

Sylwester Janik

Sylwester Janik

Maciej Kowalski

Tomasz Czechowicz

Benchmark Actions Expected return Managing Partner

XX Summary of the MCI.TechVentures portfolio

Business Building value

Leaders in national markets in selected digital areas

Online re-commerce for consumer electronics (mainly smartphones, tablets, selected laptops, photo cameras.)

Sourcing both b2c and b2b

_ Rebuy.de

_ Flip4New.de

_ Redeem.co.uk

_ Anovo.com

_ Focus on own sales channel vs. Ebay/Amazon

_ Active development of B2B sourcing

_ Marketplace expansion to Spain and France

_ Development of offline and b2b sales channels

_ Increase in operating effectiveness

_ CoC 2-3x

Fintech (factoring marketplace): European leader in the segment of marketplaces that allow SMEs to sell invoices to financial investors (institutional investors and HNWIs)

_ Bluevine

_ PlatformBlack

_ Development of factoring products and SME loans

_ Development of partnerships with financial institutions in a referral model

_ CoC 3-5x

LBS (location based services): real-time navigation, anti-radar applications, telematics and fleet monitoring; insurance telematics

_ Sygic

_ Waze

_ Metromile

_ Optimisation of income from the navigation segment

_ Development of business scale in the segment of insurance and telematic products

_ CoC 10x+

Sylwester Janik

Sylwester Janik

Tomasz Danis

Benchmark Actions Expected return Managing Partner

00

MCI.CreditVentures 2.0 Mezzanine debt

2nd lien debt

Fund strategy

MCI.CreditVentures 2.0 is a fund that invests in 2nd lien debt

and subordinated mezzanine debt. We provide financing

to the companies operating in CEE, particularly in Poland.

_attractive risk-weighted rate of return,

_limited risk thanks to privately negotiated deals and a strategy,

that combines two instruments: mezzanine and 2nd lien debt,

_more linear performance thanks to a higher share of cash

interest,

_investment date: 30/06/2015

_divestment date: 17/03/2017

_amount invested: (EUR 10m)

_other investors: EBRD, Mezzanine Management

_rate of return: ~15% IRR

_business model: agricultural production (arable and livestock farming, milk), 85k hectares of high-class land in Europe. Organic and acquisition-based growth. Customers: PepsiCo, Danone or Cargill.

_mezzanine financing granted to Paine+Partners (now Paine Schwartz Partners) for a leveraged buy-out of a firm with a 51-year business history with debt push down. PP – very good track record in the system: Costa Group (fruit and vegetables, Australia), Eurodrip (drip irrigation, Europe), Verdesian (targeted plant nourishing), Meadow Foods (UK leader, milk and dairy production)

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SUMMARY

Return to traditional rates of return from MCI.EV/MCI.TV funds and an increase in value of MCI.CredtiVentures.

Continuation of buyback as a source of additional return for the fund,

MCI CAPITAL

PEM

Development of new funds in cooperation with PFR/NCBR,

Scaling the MCI.CreditVentures fund and PE multifunds on partners’ platforms.

FUNDS

Strong potential for portfolio appreciation in the MCI.EuroVentures and MCI.TechVentures funds due to the relationship between the current valuation vs. historical cost to future and targeted rates of return: 2.5-4x CoC and 3-5x CoC, respectively,

Unique competitive position of MCI.CredtiVentures as an expert in PE/Digital/CEE Private Debt is an opportunity for dynamic scaling,

Chance to build a portfolio of VC/CVC funds based on PFR/NCBR programmes,

Rich plan for investment exists for 2017-2018 and a clear strategy for 2019-2020 (0.1-0.2 threshold),

a strong liquidity position of the MCI.EuroVentures fund that allows it to flexibly respond to market opportunities and to keep portfolio diversification.